The Asia-Pacific Automotive Tire Pressure Management System Market is projected to grow with a CAGR of more than 8 % during the forecast period.
Key Highlights
- The demand for automotive vehicles in the region in spite of the ongoing slowdown in automotive industry is higher than the other parts of the world and still the region is the largest consumer of the automobiles in the world. the ongoing slowdown is the result of the trade war between two major economies United States and China, and the situation became worst when the world was hit by the ongoing pandemic i.e. COVID-19. The situations are expected to come to normalcy by the end of second half of 2021 and the demand is expected to boom again.
- TPMS provide safety for the vehicle from sudden explosion of tires which can occur because of either over or under inflated tires and avoid sudden road accidents. With introduction of high-speed internet and cloud-based services in the automobile industry, real time analysis and predictive maintenance are enhancing service industry in automotive world.
- The rising concerns for safety in passenger and commercial vehicles, and regulation introduced by governments in China and South Korea with Japan, India, Malaysia, the Philippines and Indonesia also moving towards legislation for the implementation of mandatory TPMS, will drive the growth in the market.
Key Market Trends
Direct TPMS Dominates the Market
By type, direct TPMS segment is expected to dominate the Asia-Pacific Market. This is because of inherent functional advantages provided by the direct sensors as compared to indirect segment. By using direct sensors, data can be recorded with more accuracy and precision during real time whereas indirect system responds when the pressure is either too high or too low resulting in a change of wheel speed. Premium and Mid-economy vehicles are expected to drive demand for the market.
Many major players in the region are launching range of smart tires which are equipped with pre-installed direct TPMS sensors to increase the safety of vehicle driver and passengers.
For instance, in February 2020, JK Tyre & Industries Ltd has launched its new SMART TYRE range. Through its cloud-based monitoring system; Smart Tires warrants maintenance of tires through timely diagnostics by using sensors integrated with a Tyre Pressure Monitoring Systems (TPMS). The Smart Tyre technology allows for early detection of issues and deployment of timely preventive measures to avoid them and also delivers higher fuel efficiency up to 4-5% leading to a reduction in carbon emission and reduce operational cost of the vehicle.
China Remains the Largest Market
Owing to the increasing accidents on highways which are caused by sudden tire punctures in the country, China is remains the largest market for TPMS market in Asia-Pacific region. the demand of commercial and passenger vehicles in the region are very high and China remains the largest market for automobiles in the world in 2019. According to the national auto industry body, total car sales fell 8.2% to just under 25.8 million, around 4.32 million commercial vehicles were sold in the country in 2019.
When the air pressure of the tire is 10% lower than the normal value, its lifespan is reduced by 15% to 20%, and vehicle fuel consumption per kWh increases by 260ml. Based on these figures, China’s Standardization Administration has made it mandatory for all vehicles built from January 2020 onwards to incorporate TPMS technology.
There are many major players in the region which are investing heavily on research and development of tire pressure management system and entering into strategic partnerships to produce TPMS with latest technology to meet domestic as well as international demands. For instance, in November 2019, in partnership with X-FAB Silicon Foundries SE, Chinese automotive electronics chip design company AutoChips Inc. announced it has initiated the volume production of an advanced Tire Pressure Monitoring System (TPMS) chipset.
Competitive Landscape
The Asia-Pacific Automotive TPMS Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the Asia-Pacific Automotive TPMS Market are and others. These players are investing heavily in research and development of switches and relays for the commercial vehicles. For instance,
In August 2019, JK tyre launched Treel Sensors, a Tyre Pressure Monitoring System (TPMS) that is geared towards smart monitoring and maintenance of tyres. With an intent to provide tire services to the domestic market for both commercial and passenger vehicles.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
Methodology
LOADING...
